FRIENDS IN OREM, please take a few minutes to read this summary that my friend, Bev Burdett , wrote to explain what is happening with the mall property. There is a lot of misinformation, including those misleading robo-calls, out there. This is the truth: UNDERSTANDING THE FACTS OF THE UNIVERSITY PLACE REDEVELOPMENT The University Mall is looking at a major redevelopment to create a “City Creek of the South” feel here in Orem. There are plans to build class A office space that will create approximately 2,500 new jobs in the community. There will be additional restaurants, retailers, new housing, an expansion of the movie theater, and much more. The empty Mervyn’s building and the existing parking lot will be replaced with office space and a wonderful park that can be enjoyed by all. If Woodbury is willing to invest their money in Orem, rather than take it elsewhere which they have been approached about, the City Council has made a decision to incentivize the development through the creation of a Community Development Area. Woodbury has been approached by other communities about alternative investment options and their willingness to give incentives, but the City Council realizes the benefit of having that investment in our community. Below are the FACTS of what this CDA means to you: 1) TAXES WILL NOT BE INCREASED on any citizen or business in Orem because of this incentive 2) Woodbury will invest upwards of $500 MILLION of private money into a redevelopment of the University Mall 3) The development will receive incentives ONLY if they build the planned development; the City takes NO RISK 4) Even with incentives the City, and all taxing entities, will receive additional revenue to help pay for general services (roads, public safety, parks, etc.) The City will receive $13 million in new revenue over the life of the incentive and much more than that after the incentive period is over 5) The City takes NO RISK because the incentives are paid out of NEW tax revenue created by the development 6) All of the incentives go towards facilities that the public will enjoy (roads, parks, better parking, utilities that the City would have had to pay to upgrade anyways) 7) Creation of approximately 2,500 jobs within the City of Orem 8) The sales tax base in Orem stays strong; that allows all of us to enjoy lower property taxes. 9) The school district has stated that they anticipate a neutral impact in terms of students; the school district will receive $13 million in new revenue to help pay for general expenses 10) Without the incentive, the investment doesnt happen in Orem CDAs are being used around Utah and the Country. CDAs in other cities have taken Adobe, Attask, Xactware, Doterra, and the 1800 jobs they provided out of our City. Having a CDA like University Place in Orem allows us to compete to bring high paying jobs back to Orem. If we decide not to create a CDA while all of our neighbors continue the practice, we will be at a very big disadvantage to recruit high paying jobs to Orem. Lets build a better Orem! econdev.orem.org/orem/featured-real-estate-/university-place Economic Development - City of Orem - Featured Real Estate - University Place The mall is located at one of the busiest intersections in Utah where University Parkway and State Street cross. econdev.orem.org|By - Golden Shovel Agency, goldenshovelagency
Posted on: Thu, 25 Sep 2014 23:39:38 +0000
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